Solana's Price Drop Doesn't Deter Growing Demand and New Address Growth
Solana's recent price weakness has not deterred signs of stronger demand from building across its network. The cryptocurrency saw a 7% pullback, dipping to around $102 on Tuesday, but this drop is being met with growing interest from investors.
New addresses are joining the Solana network at an impressive rate, with an average of 9.5 million new addresses added per day over the past week. This level of growth has historically preceded major rallies in the cryptocurrency's price.
Larger investors are also becoming more active on the network, as wallets holding at least 10,000 SOL rose by 1.58% after adding 52 new whale wallets to the network. Meanwhile, US spot Solana ETFs have extended their streak of weekly net inflows to nine weeks, attracting nearly $154 million in capital last week.